With the law changing so much in the individual insurance market, instead of focusing on averages, consumers need to understand how the law will actually impact their family and prepare accordingly. ~Jonathan Wu, ValuePenguin Analyst, co-founder
New York, NY (PRWEB) June 26, 2013
In January 2014, the Patient Protection and Affordable Care Act (PPACA, ACA, or “ObamaCare”) will begin implementing the individual mandate, state health insurance exchanges, stronger regulation, and health insurance subsidies. As a result of this health care reform, consumers purchasing health insurance and those who are uninsured will face new and more complex decisions.
Recognizing the difficulty in navigating these changes, ValuePenguin, a consumer data and research website, has released a tool that allows consumers to preview health insurance premiums and the impact of subsidies in select states: Colorado, Connecticut, Ohio, Oregon, and Washington, DC.
"In our research we found that the impact of the ACA's new regulations will vary greatly depending on you and your family's circumstances. For older Americans and those qualifying for subsidies, the net impact of the ACA's regulations will likely lower total insurance costs. Young and single Americans, however, may see their insurance premiums rise even as they are less likely to benefit from subsidies despite having the same level of income as older adults," noted Jonathan Wu, co-founder of ValuePenguin. "With the law changing so much in the individual insurance market, instead of focusing on averages, consumers need to understand how the law will actually impact their family and prepare accordingly."
The states and participating health insurance companies included in ValuePenguin’s first round of analysis are:
Colorado: All Savers Insurance, Cigna, Colorado Choice Health Plans, Denver Health Medical Plan, HMO Colorado, Humana Health Plan, Kaiser Foundation Health Plan of Colorado, New Health Ventures, and Time Insurance Company
Connecticut: Blue Cross Blue Shield of Connecticut, Aetna Life Insurance Company, Cigna, HealthyCT, and ConnectiCare Benefits
Ohio: Aetna, Aultcare, Blue Cross Blue Shield, Coordinated Health/Care, Coventry, Medical Health, and SummaCare
Oregon: ATRIO Health Plans, Bridgespan Health Company, Familycare Health Plans, Freelancers Consumer Operated and Oriented Program of Oregon, Health Net Health Plan of Oregon, Kaiser Foundation Health Plan, Lifewise Health Plan, Moda Health Plan, Oregon's Health Co-Op, Trillium Community Health Plan, Time Insurance Company, Regence Bluecross Blueshield of Oregon, Providence Health Plans, and PacificSource Health Plans
Washington D.C.: Aetna, CareFirst BlueCross BlueShield, and Kaiser Foundation Health Plan
ValuePenguin's state exchange previews are based on rate filings for proposed ACA state exchange plans filed by participating insurers with state regulators.
ValuePenguin is a consumer data and research website that delivers insights and tools on consumer spending. Its analysts review and synthesize facts, figures, and fine print into salient and actionable intelligence for consumers and journalists.
Media Contact: Andrea Martone, Andrea(at)valuepenguin(dot)com, 917.929.0527